How and When to File Corporate Tax Returns in Singapore
If you have a Singapore-incorporated company, you must comply with the Inland Revenue Authority of Singapore (IRAS) tax filing requirements.
We’ll take you through the basics; however, we recommend you always refer to the IRAS website for detailed instructions and regular updates.
When should I file my tax?
The tax filing deadline will correspond with your company’s Financial Year End end) date.
You can choose any date as your company’s FYE. Common choices include 31 March, 30 June, 30 September, or 31 December.
Most companies choose their FYE on 31 December each year.
If you choose 31 December as your FYE, then your FY (Financial Year) will be 1 Jan - 31 December.
This means your income will be assessed and taxed in the following year, namely YA (Year of Assessment).
For example,
FYE: 31 Dec
FY: 1 Jan - 31 Dec 2022
YA: 2023
You are allowed to nominate a different date , but you will need to update IRAS and ACRA.
For example, you may decide that FYE is the end of the first quarter, which means tax filing could look like this:
FYE: 31 March
FY: 1 Apr 2021 - 31 March 2022
YA: 2023
Once you have defined your FYE you have until 30th November of the YA to file your taxes (FormC/C-S/C-S Lite) or 3 months after FYE for ECI returns.
Which form do I need to complete?
Here is a table on the applicable form to file for your corporate tax filing:
Table from: https://www.iras.gov.sg/taxes/corporate-income-tax/form-c-s-form-c-s-(lite)-form-c-filing/overview-of-form-c-s-form-c-s-(lite)-form-c
How do I file my taxes?
You have to e-file your taxes on the IRAS MyTaxPortal with your CorpPass login details.
Log in and verify via SMS or OneKey Token.
Select Business Tax and choose the relevant form.
The Portal will take you through your tax filing step by step.
You can continue to use the Portal to see progress and to view your bill once your tax has been assessed.
How much tax will I have to pay?
IRAS has a handy tax calculator on their website, an Excel workbook called the Basic Corporate Income Tax Calculator (BTC). You can access it here. It has explanations to help you figure out how to work out your taxes and checks for common mistakes.
What happens next?
IRAS will send you a Notice of Assessment with an amount to settle within 1 month of receiving the Notice.
If you don’t agree with your tax bill, you can file an objection within 2 months from the date of the Notice of Assessment.
Can someone else do my corporate tax filing?
Yes. You can appoint an approved agency to help you complete your filing. CSLB Asia has an on-the-ground team of experts to help you. We have access to the e-filing tax portal.